GENERAL COMMENTS:
Even though the Dow Jones is up over 300 points, the livestock complex is trading mostly lower into Friday's noon hour as traders seem eager for the weekend. Some Northern dressed cattle sales have been reported 288 which is steady with last week's weighted average. December corn is up 3 cents per bushel and December soybean meal is down $3.10. The Dow Jones Industrial Average is up 301.90 points.
LIVE CATTLE:
The live cattle complex is merely chopping sideways into Friday's noon hour as the market seems to be longing for the weekend. It is impressive however that some Northern sales have been reported this morning at $288 dressed which is steady with last week's weighted average. Feedlot managers were hoping to keep the market at least steady this week and Northern sales did just that. Throughout the week Southern live cattle have traded at mostly $180 to $181 which is steady to $1.00 lower than last week's weighted average. A few more sales could develop ahead of the week's end, but largely it looks like the week's trade is done with. October live cattle are down $0.90 at $177.12, December live cattle are down $0.62 at $177.97 and February live cattle are down $0.57 at $179.00.
Boxed beef prices are lower: choice down $2.11 ($305.07) and select down $0.84 ($294.80) with a movement of 97 loads (55.71 loads of choice, 8.87 loads of select, 3.04 loads of trim and 29.84 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is skating moderately lower into Friday's noon hour as traders seem exhausted from the week's trade. October feeders are down $1.12 at $238.72, November feeders are down $0.82 at $234.65 and January feeders are down $0.75 at $230.25. But with the combination of the live cattle contracts trading lower and the cash cattle market trading steady to $1.00 lower -- it's not surprising to see traders allowing feeders to drift lower ahead of the week's end as significant ground was gained earlier in the week and business seems to be essentially done for the week.
LEAN HOGS:
The lean hog complex is trading mixed into Friday's noon hour as some of the late spring 2025 contracts are trading mildly higher, but most of the contracts are trading slightly lower. October lean hogs are down $0.12 at $78.77, December lean hogs are down $0.02 at $71.52 and February lean hogs are up $0.02 at $75.22. The lean hog complex seems to have the same lackluster attitude that the cattle complex has but it's also being pressured to trade slightly lower as neither cash sales nor pork cutout values are currently supportive.
The projected lean hog index for 9/12/2024 is down $0.48 at $84.87, and the actual index for 9/11/2024 is down $0.11 at $85.35. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.78 with a weighted average price of $75.94, ranging from $75.00 to $76.00 on 923 head and a five-day rolling average of $77.33. Pork cutouts total 182.69 loads with 162.43 loads of pork cuts and 20.26 loads of trim. Pork cutout values: down $0.24, $93.94.
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